Starting your own business can be both exciting and scary at the same time. Taking that plunge into starting your own business puts you in control of your financial future, allowing you to decide what type of company you want to build, how you want to run it, and how much you’re going to enjoy yourself along the way. It also means that you have no one but yourself to blame if something goes wrong – which it will at some point, there’s no doubt about that!
Know your why
Before we get into how to start, let's talk about why. Why are you doing this? This is not an easy question, but it's the most important one. If your answer is I don't know or to make money, that may be a sign that it's not the right time for you. So think long and hard about what inspires you, what lights your fire, and what makes you feel like YOU. It might be helping people with their financial goals, empowering women entrepreneurs in Afghanistan, or inventing a new device to eliminate traffic jams. Whatever it is, write down all of the things that come up in response to why. It could look something like this:
The world needs more kind people who care about others and want to help them succeed. I love working with kids because they're so full of life and have so much potential even though they don't always see it yet themselves. I've always been fascinated by music theory and hearing new ways musicians can approach chords differently than they did before. One day, I'd love to have a record label where musicians can create music without limits when they're stuck in their creative process. And the list goes on...
Find a need and fill it
1. Find your passion
2. Find the problem
3. Find the solution
4. Build a prototype and test it out with potential clients and partners
5. Break down barriers for your target audience so that it's as easy as possible for them to buy or use your product or service
6. Ignore naysayers and stay committed to what makes you happy
Do your research
Before you start your own business, it's important to do your research. There are many things to consider and plan for if you're going into the world of entrepreneurship.
- How much money will I need? - What is my speciality? - Where am I going to start my business? - How can I fund my idea without being self-employed? - How can I find support in the community when things get hard? These are just some of the questions that come up when people think about entrepreneurship. Fortunately, there are resources available on-line and off-line that can help answer these questions and more. Here are some great places to start:
Get organized
-Step one: Think about what you want your company to do.
-Step two: Who's the customer?
-Step three: What are the products or services that need to be created?
-Step four: How many people are needed for the initial team?
-Step five: Where will it be located?
-Step six: What is the budget for start-up costs, including inventory and equipment?
-And step seven, of course, is making sure that it's something you really want to do and not just because it sounds cool.
Take the plunge!
Starting your own business is an undertaking, so it's best to be as prepared as possible. The more time and effort you put into the planning process, the more likely your new venture is to succeed. We've compiled this list of five things you should do before taking the plunge.
*Do your research: Seek out advice from other entrepreneurs who have been successful in your field. When deciding on how much money to invest, think about how much time and energy are required for the endeavor and what kind of lifestyle it would provide.
*Think creatively: Can your business model be applied in different markets? Are there any partnerships or collaborations that could increase its reach? What can't it be applied to? What are some creative names for potential brands or businesses? If you're looking for inspiration, here are just a few ideas:
-Socially Savvy Media Group
-Designer Doggie Style Pet Services
-Cherry Creative Cafe
-Muttropolis Rescue Center -All Things Cat Supplies
-Nerdacious Collectibles & Gaming
-Local Artisan Boutique
*Test your idea: Test your idea with friends and family members by asking them questions like What does this mean? What does this service/product offer? How would you feel if I offered this to you? A survey might also work well. If people give good feedback, ask yourself if it's something that makes you excited! Remember, don't get discouraged if they don't love the idea. You never know when someone might tell you they love the idea enough to fund it themselves! Plus, now that you have their input, you'll know which aspects need to be improved.
*Determine your goals: Knowing what your goals are before jumping headfirst into anything is key. Determine whether you want to start a company or simply pursue a side hustle. Either way, knowing the answers to these three questions should help clarify things:
*What would success look like? -How long can I dedicate myself without neglecting my current responsibilities? -Can my dream job coexist alongside my day job right now? *Develop a plan: Once you've answered those questions, it's time to create a solid plan. Ask yourself How am I going to build my audience? Who are your target customers? How are you going to market yourself? For many, getting their name and product out there is daunting; but the truth is most successful business owners report doing 3-4 marketing activities every week! It sounds difficult, but not impossible. After all, entrepreneurship means creating opportunities--starting something new--something that fulfills one's creativity and passion while achieving personal financial independence. Therein lies its true beauty and reward!
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